Jan 23, 2013 7:30am EST
investors to build roads, the olympic facilities, et cetera. at the same time tax evasion and tax cuts for the rich did not allow, did not allow us to have a balanced budget all previous years. and so, therefore, when the markets crash in 2008 both spain and greece were heading on the road towards disaster. in spain, just like in ireland, the housing market crashed, prices still, people ended up with homes that were worth less than their loans. many people went bankrupt. when banks started having problems, the government intervened and took on its debts in this way, both banks and government went bankrupt. increase, the government directly went bankrupt because it was the one that had borrowed to a very high degree after words. the governments that had lent money to the state also went bankrupt. and afterwards investors themselves went bankrupt. very soon if the entire country had gone bankrupt. due to the structure of the euro zone where countries without a central bank behind them needed -- bailout of the banks and where the banks needed to continue lending money to bankrupt states,
Jan 20, 2013 7:00pm PST
january, 2013, with the biggest tax increase in 20 years, and we have obamacare taxes, 20-some odd of them being phased in, another 500 billion dollars and the president stood up at press conference last week and said, i'm coming for more money and congressional democrats are going to try and help him. >> harris: all right. tom, the president has a speech planned in prime time tonight, that's kind of the pre-address to the big address tomorrow at the inauguration for the public to see and i read in your forbes column today that you said that there's a reason not to watch the president's speech. he's the president. why wouldn't we watch? >> well, i think beyond so help me god, tomorrow's speech isn't going be to be able to telegraph to those 23 million americans who are still out of work that this -- that this administration really cares about pro growth policy. if your a going to double down on spending and you're going to double down on increasing taxation and ultimately expand the box of the people who are going to be paying for this government, you're not going to be helping put those p
Jan 28, 2013 7:00am EST
running the country. policymakers who believe in structural reforms, privatization, tax reforms, budget cuts, labor mobility, and they need to be competitive both internally and externally. if you don't have, if you don't have plans like that you will not get them back to growth anytime soon. so it's very, very important that you do that. seven, the point is the private sector. and i think this is a problem. because at the beginning there was no interest in the case of greece and some of these other countries involved in the private sector. and, in fact, it was a when things got so bad that greece called upon the private sector with the european union. the european central bank and the international monetary fund, to really get the private sector involved. and there you had a big haircut that could've been dealt with earlier. it would have been as bad and now they just have to do another debt buyback problem, operation, which is still a problem. so i think the idea getting the private sector involved early on, and we show this both in latin america and asia, the asian financial crisis.